tedalbany wrote:Those big numbers are for support staff, not attorneys (check on BLS). Law firms are realizing that you don't need actual attorneys, just a few and a small army of paralegals.

This. Modern paralegals do everything but sign on the dotted lines and appear in court all the while making 1/3 or less of what attorneys in their firm make. Heck, they now even specialize like lawyers do (i.e. commercial law).

It is not that there won't be consequences, it is that it is harder to predict what they will be when the lender is the government. If the recent shit storm over a possible interest rate increase for undergrads is any indication, it does not seem like the political system is going to shutdown the student loan machine any time soon.

Aberzombie1892 wrote:There is a huge demand for people with 2-3 years of experience at a major law firm. The problem is, the average law student won't have the opportunity to get that experience.

Everything said ITT.

What about the student loan bubble? Shits going to pop any minute and send us under.

No, it won't. If it was a private banking issue, then sure. But it's not. Students will continue to go into debt and they will still choose random majors that will not be applicable in the real world.

Really!? So there will be no repercussions for the student loan debt toppling over due to lack of payment? Especially when this money is the governments.

She didn't say it wouldn't have repercussions. She said it wouldn't have consequences reminiscent of the housing/mortgage bubble. Which is probably true, as the same structural problems aren't present with student debt as they were with housing debt.

Student loans are still gonna be a drag on the economy, particularly as tuition continues to increase and kids continue to invest in worthless majors. But we're probably not looking at structural collapse and international contagion, like we were in 2008.

luthersloan wrote:It is not that there won't be consequences, it is that it is harder to predict what they will be when the lender is the government. If the recent shit storm over a possible interest rate increase for undergrads is any indication, it does not seem like the political system is going to shutdown the student loan machine any time soon.

+1

Which is why it's comical that Obama's talking in front of current students instead of high-schoolers.

No, it won't. If it was a private banking issue, then sure. But it's not. Students will continue to go into debt and they will still choose random majors that will not be applicable in the real world.

Really!? So there will be no repercussions for the student loan debt toppling over due to lack of payment? Especially when this money is the governments.

She didn't say it wouldn't have repercussions. She said it wouldn't have consequences reminiscent of the housing/mortgage bubble. Which is probably true, as the same structural problems aren't present with student debt as they were with housing debt.

Student loans are still gonna be a drag on the economy, particularly as tuition continues to increase and kids continue to invest in worthless majors. But we're probably not looking at structural collapse and international contagion, like we were in 2008.

+1

Plus, for those that forecast their debt rate and can legitimately pay it off prior to attendance (whether through investments or saving before attending school and I understand that this is difficult), the loan issue won't be a problem. For those that take on too much debt, yes, it will be a problem for them. The only people right now it will effect are taxpayers.

luthersloan wrote:It is not that there won't be consequences, it is that it is harder to predict what they will be when the lender is the government. If the recent shit storm over a possible interest rate increase for undergrads is any indication, it does not seem like the political system is going to shutdown the student loan machine any time soon.

+1

Which is why it's comical that Obama's talking in front of current students instead of high-schoolers.

luthersloan wrote:It is not that there won't be consequences, it is that it is harder to predict what they will be when the lender is the government. If the recent shit storm over a possible interest rate increase for undergrads is any indication, it does not seem like the political system is going to shutdown the student loan machine any time soon.

+1

Which is why it's comical that Obama's talking in front of current students instead of high-schoolers.

High schoolers for the most part can't vote. Current students can.

Yes, which was my point. Talking to college students about a non-point of concern for them is comical.